Bitcoin is traceable, it is not owned or controlled by anyone in particular (i.e. the Government) and everyone can take part. It makes sense.

Banks have not yet ‘recognised’ cryptocurrency as legitimate tender and the Bank of England has scrapped plans to launch its own due to ongoing research into its effect on the financial system. But that has not stopped businesses trading using Cryptocurrencies.

Kevin McCloskey, owner of Coventry based nightclubs S7ven and Daddy Cools, has confirmed that his venues will now accept cryptocurrencies for entry and drinks. All you have to do is download a digital wallet such as Coinbase and buy some currency. When you get to the club you will be asked to scan a QR Code and hey presto, you’re in! (tcs and cs apply of course)

I am interested to see how many patrons use this new payment option and if it will overtake RFID systems, which have become very popular at festivals and sports events!